Sberbank CEO: Opel Stake Isn't Strategic, Will Be Sold
04 Juni 2009 - 4:35PM
Dow Jones News
Russia's largest state-owned bank OAO Sberbank (SBER.RS) will
sell its stake in General Motors Corp.'s (GM) German unit Adam Opel
GmbH, potentially to a Russian strategic investor, Sberbank's Chief
Executive German Gref said Thursday.
Gref said that Sberbank is not planning on becoming a strategic
investor in Opel. He added that the deal - which the bank is
conducting together with Austrian-Canadian car parts maker Magna
International Inc. (MGA) should be fully completed by the
autumn.
Both partners will commit some EUR500 million that will be
divided proportionally to their stakes in Opel, Gref said.
"Proportionally, we have 35%, they have 20%," Gref said. The
former economic minister also said that the Opel deal includes
Russian rights to Chevrolet, the best selling foreign brand in the
country.
Company Web site: www.sberbank.ru
www.gm.com
-By Lidia Kelly, Dow Jones Newswires; +7 985 998 4279;
lidia.kelly@dowjones.com